If this is true, the only thing likely keeping this from becoming official is a matter of formalities. It would have to get approval from the league, and the involved players are likely on their way to some physicals.

----------- end of update ----------

Adrian Wojnarowski of Yahoo! Sports was the first to report the agreement, tweeting about the deal Monday afternoon:

Shortly afterwards, Michael Cunningham of the Atlanta Journal Constitution wrote about the proposed trade, and his report featured some conflicting information when compared to Wojnarowski's. Cunningham wrote that the Nets would be sending a first-round pick to Atlanta in addition to the players Wojnarowski listed.

Either way, this is clearly a salary-dumping move on the Hawks' part, who would be moving Johnson and his massive salary for four expiring contracts and current free agent DeShawn Stevenson. Johnson is owed between $19 million and $25 million in each of the next four seasons, with his salary increasing each year.